Bill Gates, Saudi Prince buy $171 million ancient Roman Palazzo from the 17th Century
Bill Gates just made a huge investment in an ancient Roman Palazzo from the 17th century – a $170 million one. The billionaire has teamed up with Saudi Arabia’s Prince Al Waleed bin Talal Al Saud to invest in the historic property.
The Microsoft founder has partnered with the prince’s company Cascade Investment LLC in hopes of turning the palazzo into a six-star Four Seasons Hotel.
According to reports, an agreement has been reached to buy this ancient building for $170 million, while Four Seasons Hotels and Resorts Company has paid more than $20 million.
On the other hand, a spokesman for Four Seasons, did not immediately comment on the purchase of the historic building in Italy until Monday evening.
Many years ago, most of the ground floor of the old building was reportedly converted into a store that sold household goods to Romans, while a cafeteria for members of the Italian parliament is located on the upper floors of the building.
Construction of the building began in 1650 and continued to be used as a royal residence for years, after which it was occupied on one occasion by Pope Innocent XII, the former head of the Catholic Church.
Now, however, the Four Seasons Company plans to spend $12 million to renovate the building.
The luxury hotel is expected to have about 100 rooms, including a conference center and gym.